National Pension Scheme (NPS) contributions made by an employer ...

Employer's NPS contributions permissible despite delay, no due date under PFRDA Act.

Case Laws Income Tax

October 18, 2024

National Pension Scheme (NPS) contributions made by an employer were disallowed by the Assessing Officer on the grounds that the remittances were made beyond the prescribed date under the Pension Fund Regulatory and Development Authority Act, 2013. The ITAT, relying on the case of Adani Petronet (Dahej) Port (P.) Ltd., observed that there was no due date prescribed in the PFRDA Act for making payments to the NPS account. Further, all payments were made before filing the return of income u/s 139(1). The ITAT held that the adjustment made on NPS payments was unjustified, and the amount should be treated as allowable u/s 43B(b). Additionally, a notification issued by the Department of Pension and Pensioners' Welfare clarified that the National Pension System Rules, 2021 apply only to government servants and not the general public. Consequently, the assessee's appeal was allowed.

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National Pension Scheme (NPS) contributions made by an employer ...

Employer's NPS contributions permissible despite delay, no due date under PFRDA Act.

Case Laws Income Tax

October 18, 2024

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